Pilgrim’s Pride Forms Special Committee
September 20 2021 - 9:24AM
The board of directors of Pilgrim's Pride Corporation (NASDAQ: PPC)
has formed a special committee of independent directors to review
and evaluate the previously announced unsolicited proposal received
on August 12, 2021 from JBS S.A. to acquire all of the outstanding
shares of common stock of PPC that JBS does not currently own.
The special committee has retained Skadden, Arps, Slate, Meagher
& Flom LLP as legal counsel, and Goldman Sachs & Co. LLC,
as financial advisor to assist the special committee in its review
and evaluation of the JBS proposal.
The board resolutions establishing the special committee
expressly provide that the PPC board of directors will not approve
the transaction proposed by JBS without the prior favorable
recommendation of the special committee, and that any such
transaction will be conditioned on the affirmative vote of a
majority of PPC shares that are not held by JBS or its
affiliates.
There can be no assurance that a definitive agreement relating
to the JBS proposal will be entered into by PPC, or that any
transaction will be consummated.
About Pilgrim’s PridePilgrim’s employs more
than 56,000 people and operates protein processing plants and
prepared-foods facilities in 14 states, Puerto Rico, Mexico, the
U.K. and continental Europe. The Company’s primary distribution is
through retailers and foodservice distributors. For more
information, please visit www.pilgrims.com.
Contact: |
|
Julie Kegley – Financial ProfilesInvestor Relations
IRPPC@pilgrims.comwww.pilgrims.com |
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